6 Tips to Manage Your Own Online Business, Starting Tomorrow

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Remember The Million Dollar Homepage? Back in 2005 a student from Wiltshire opened a webpage with a 1$ price tag on each pixel, aiming for a million dollar income once the entire grid was sold. The idea was an instant hit, and although many copy cats appeared in its wake, the key to its success was rooted in its novelty. 

Since then, there’s been a boom of internet businesses world-wide, each of them bringing something new to the table. And why not? Owning and maintaining an online business gives entrepreneurs the freedom to make money from anywhere in the world. All you need is a laptop, a comfy chair and a positive mindset. 

Here are a few pro-tips to make your job easier:

1 – Hone your accounting skills!

No matter what product or service your business provides, you will need to take on the role of the accountant – at least at first. 

A good accountant will be able to apply professional judgment when preparing, analyzing, and interpreting financial information.

A wise move would be to invest in a Xero accounting software training program. These platforms are used by professionals across the world and are regarded as indispensable for remotely managing finances and accounting data.

This means you can continue working while building your technical accounting skills and abilities.

2 – Decide what your business will be about

So you already have a great idea for your business. Take a long sip from your gin and tonic and make sure you have an answer for all these questions:

  • What is your business going to be about?
  • Who are your customers?
  • What is your target market?
  • What are your key products?/What services do you offer?
  • Who are your competitors?

Make sure you stick to your principles and always ask yourself “why?”: “Why this particular business?” “Why would anyone buy from me?” “Why is this the best time for my business?” 

3 – Don’t be afraid to ask for professional help

So you still consider yourself a rookie on the online market? That’s great. It is essential to keep your expectations real. Consider seeking a business broker for advice.

A business broker is someone who assists buyers and sellers of privately owned businesses in the buying and selling process. As such, he or she must have a good knowledge of business law and common practices in the particular industry. 

Business brokers are rewarded with commissions for the sales they make. Their cost is relatively low for the value and input they bring to the project.

4 – Brand identity – earn that click!

I love wine. Am I a professional wine taster? Of course not. How do I choose my wine then? I choose the label that speaks best to me. 

It is the same with online businesses. Your brand identity is what makes your brand unique and sets it apart from competitors. 

By giving your brand a personality, a distinct image, and a unique voice, you differentiate it from other brands. 

Of course word of mouth, reviews and quality checks will insure your clients’ return. But 25% of that return is tied with identifying with your product. Is it edgy? Is it woke? Does it speak “progress” or “tradition”? Is it classy, is it sporty? Stand out and make them click your logo from a drop down list of other logos. And have them do that again and again.

5 – Haven’t you heard? Tech businesses have moved online

Nowadays you can find almost anything online. But tech businesses are simply thriving. It is only natural that young, tech-savvy clients prefer to profit from the benefits of a click-away purchase rather than actually walk into a brick and mortar shop, the old fashion way.

The Australian tech startup sector has the potential to contribute $109 billion or four percent of the country’s GDP to the economy. Considering this statistic, it is safe to say that the country is on track to becoming a new land of opportunities as more and more successful Australian startups contribute to global economic well being.

6 – Online team, assemble!

Pretty soon you will feel the need to expand your business and hire a team, full-time. This might be particularly challenging in the online world. A few background checks and skype interviews will help you decide who is trustworthy or shares your work ethic. 

But trust is a two way street. make sure your employees and collaborators know exactly what they are getting into when you decide that they’re ready to come on board. When your new virtual team mate is knowledgeable of what you’re trying to accomplish, they will understand what needs to be done, resulting in better output.

Collaborative software such as Google Docs, is useful for a more hands-on approach of the project, since it allows anyone to edit, update and track the process.

Preparing your next step

So what will your next move be? If you are still undecided as to where to channel your new found motivation, keep in mind that security services, SEO, affiliate marketing, data analyst consulting and of course web development, are constantly expanding markets you can tap into. Find the right niche for you and become part of the competition! Dare to dream!